As a landlord, you are responsible for making sure essential repairs are completed as soon as possible to ensure your tenants' safety and quality of living. It's therefore extremely important to consider the state of the property and to factor in the potential cost of maintenance before closing on the deal.
Most property investors will have an independent survey carried out on the home prior to finalising the purchase. This will usually flag up any issues with the property that will need addressing in the future and it is always advisable to leave room in your budget to for these.
In a perfect world you will have the root cause of any ongoing repair and maintenance issues identified and attended to before you begin renting out the property. Faulty plumbing and electrics, dampness, termites and problems with the roof are among the most common issues that landlords find themselves faced with. It pays to have these inspected for any potential glitches as early as possible.
There is no set figure on how much your contingency should be for
maintenance and repairs. An older property will naturally be more likely to
develop problems sooner than a new property. The advantage of owning a condo property rather than a single family home is that the cost of addressing any problems affecting the building will automatically come out of your monthly homeowners association fees. These include structural issues affecting the roof or outer walls of the building or problems with the plumbing, for example.
another costing which must be factored in if the house is being rented on a
furnished basis. This should be replaced every 2-3 years but it may need replacing sooner if it suffers heavy wear and tear.
We would suggest leaving your rental income to build up in your US account for a period of a few months before transfer the funds over to your home account. This will leave you with a handy pot of money there for a rainy day.